XN000022-1988-07-20 — Page 68

WEDNESDAY, JULY 20, 1988

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FS CONGRATULATES HKSE'S DECISION ON CONSTITUTIONAL AMENDMENTS

(WEDNESDAY) SUCCESSFULLY

THE FINANCIAL SECRETARY, MR PIERS JACOBS, TODAY CONGRATULATED THE HONG KONG STOCK EXCHANGE FOR HAVING AMENDED ITS ARTICLES OF ASSOCIATION THUS PAVING WAY FOR ESTABLISHING A MORE BROADLY-BASED AND REPRESENTATIVE COUNCIL BY OCTOBER THIS YEAR.

AT AN EXTRAORDINARY GENERAL MEETING HELD EARLIER THIS AFTERNOON, MEMBERS OF THE EXCHANGE ENDORSED A PROPOSAL PUT FORTH BY THE MANAGEMENT COMMITTEE ΤΟ REVISE THE EXCHANGE'S ARTICLES OF ASSOCIATION то FORM A 22-MEMBER COUNCIL AS RECOMMENDED BY THE SECURITIES REVIEW COMMITTEE.

WITH THE DECISION OF MEMBERS OF OF ALL CONCERNED, IN PARTICULAR, TOOK THE INITIATIVE TO CHANGE

"I AM VERY PLEASED EXCHANGE AND THE EFFORTS MANAGEMENT COMMITTEE, WHO EXCHANGE'S CONSTITUTION, MR JACOBS SAID.

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THE

THE

THE

STEP

"THE SUCCESSFUL RECONSTITUTION OF THE EXCHANGE IS A MAJOR FORWARD IN BRINGING ABOUT IMPROVEMENTS TO THE SECURITIES INDUSTRY IN HONG KONG,

"FOR ITS PART, THE GOVERNMENT WILL CONTINUE WITH ITS EFFORTS TO ENSURE THAT THE OTHER REFORMS RECOMMENDED BY THE SECURITIES REVIEW COMMITTEE ARE IMPLEMENTED AS SOON AS PRACTICABLE, HE ADDED.

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NEW VOTING SYSTEM FOR LEGCO ELECTIONS

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A NEW PREFERENTIAL

ELIMINATION VOTING SYSTEM WILL BE INTRODUCED FOR THIS YEAR'S LEGISLATIVE COUNCIL ELECTIONS IN SEPTEMBER.

IT WILL REPLACE THE EXISTING TWO TYPES OF ELECTION PROCEDURE, NAMELY THE "REPEATED BALLOT SYSTEM" FOR ELECTORAL COLLEGE CONSTITUENCIES AND "PREFERENTIAL (ADDITION) VOTING SYSTEM" FOR FUNCTIONAL CONSTITUENCIES.

THE NEW VOTING SYSTEM AND OTHER MINOR AMENDMENTS то THE LEGISLATIVE COUNCIL (ELECTORAL PROVISIONS) {PROCEDURE} (AMENDMENT} REGULATIONS 1988 WERE PUBLISHED IN THE GAZETTE EXTRAORDINARY.

THE

UNDER THE NEW VOTING SYSTEM, A GOVERNMENT SPOKESMAN EXPLAINED THAT AN ELECTOR WILL VOTE ONCE ONLY AND RECORD HIS PREFERENCE FOR CANDIDATES IN A CONSECUTIVE DESCENDING ORDER.

/HE MUST